Following on from the publication of the White Paper Protecting Defined Benefit Pension Schemes in March 2018, the Department for Work and Pensions has published a consultation paper Consolidation of Defined Benefit Pension Schemes.
The paper sets out the Westminster Government’s proposals for how a new legislative framework for authorising and regulating defined benefit superfund consolidation schemes (as described in the White Paper) might work.
This consultation is aimed primarily at:
- employers who sponsor a Defined Benefit pension scheme,
- pension scheme trustees and managers,
- those seeking to establish a superfund,
- members of a Defined Benefit pension scheme,
- pension professionals,
- life insurers.
In general, Northern Ireland’s pensions policy and legislation operate in line with Great Britain, and there is, in effect, a single pensions system across the UK. It is anticipated therefore that any changes will be introduced here, subject to the necessary Ministerial, Executive and Assembly approvals.
Note: The author for this consultation is the Department for Work and Pensions. As such, all consultation information and related documents can be found on the GOV.uk website.